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Demand for flower bouquets in a suburban town is described by: QD = 50 - 5 P + 2 Y, where Q is quantity, P is price per unit, and Y is an index of consumer income. Similarly, supply is described by QS = 10 P - 5.
a) If Y = 100, what is equilibrium price and output?
b) If Y rises to 122.5, what is the new equilibrium price and output?
Suppose that recent innovations in production techniques have led to a decline in the cost of GOR-TEX®, a fabric used in the production of waterproof outerwear. The innovation leads to a production cost savings of $30 per jacket.
Suppose you are hired by your state government to determine the profitability of a lottery offering a grand prize of $10 million paid out in equal annual installments over 20 years. Show how to calculate the cost to the state of paying out such pr..
Your grandmother is gifting you $100 a month for four years while you attend college to earn your bachelor's degree. At a 5.5 percent discount rate, what are these payments worth to you on the day you enter college
a. Is the assumption that more is better satisfied for both goods b. What is the MRS for this utility function c. Is the MRS increasing, decreasing, or staying concstant as the consumer substitutes X for Y along an indifference curve
A group of enterprising engineering students has developed a process for extracting combustible methane gas from cow manure (don't worry the exhaust is odorless). With a specially adapted internal combustion engine, the students claim that an auto..
What would SungSam's profit be on the batch of 10,000 of historical data show that 1% of product will be scrapped in manufacturing, 3% of finished product will go unsold, and 2% of sold product will be returned for refund.
Consider an economy with two separate regions: A and B. There are 100 million workers in total who supply their labor inelastically. The demand for labor (in millions) in region A is EA = ??100 - 15 wA and in region B it is EB= 100 - 15 wB.
Is demand elastic in the $10 - $15 price range Ed = 0.8 in the $6 - $10 price range. In this range of demand, by what percentage would quantity demanded change if price changes by 10 percent Price falls from $6 to $3. Does total revenue (TR) incr..
Pay scales of federal government employees are determined according to each employee's government serve (GS) rating. GS-10 experienced accountants with the Government Accounting Office (GAO) were reported to earn salaries that are approximately no..
A Taiwan electronics corporation exports personal computers to the United States Their PC sales over the past five years are following:
The accountant would measure revenue-explicit cost= profit The economist would measure revenue- explicit and implicit cost=profit 200-100=100 profit YES for accountant profit 200-300=-100 deficit NO for economic profit Is this all right.
Consider the following sets of investment projects: n A B C D E 0 -$250 -$200 -$70 -$300 -$90 1 $60 $90 $20 $220 -$100 2 $970 $90 $10 $40 -$50 3 $60 $5 $40 $0 4 $60 -$180 -$20 $150 5 $60 $40 $150 6 $50 $30 $100 7 $40 $100 8 $30 9 $20 10 $10
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